22 Apr 2014 Further Drill Samples Submitted for Maiden ... · Cardinal Resources Limited ABN 56 147...

Cardinal Resources Limited ABN 56 147 325 620 www.cardinalresources.com.au Ghana: Durugu Residential Area, Kumbosco, Bolgatanga, Ghana P: +233 (0) 261905220 SKYPE: cardinal.archie Australia: Level 1, 115 Cambridge Street, West Leederville, Perth, 6007 P: +61 (8) 9322 6600 F: +61 (8) 9322 6610 1

22 April 2014 FURTHER DRILL SAMPLES SUBMITTED FOR DRILLING PROGRAM AT NDONGO PROSPECT, GHANA HIGHLIGHTS

Reverse Circulation (RC) drilling continues at the Ndongo Prospect, Bolgatanga

4,000m maiden drill program planned within Bolgatanga Project area

2,075 samples have been submitted into SGS Laboratory in Burkina Faso for fire assay analysis

38 drill holes for a total of 1,886m have produced these samples

Assay results are expected within 14 ‐ 21 days Cardinal Resources Limited (ASX: CDV) (“Cardinal” or “the Company”), is pleased to announce that the second batch of RC drill samples from the initial 4,000m combined RC and diamond drill program, underway at Ndongo Prospect ‐ Central Zone within the Bolgatanga Project, Ghana, have been sent to the SGS Laboratory in Burkina Faso.

Figure 1: Bolgatanga Project Tenements showing Ndongo Central Zone.


From Bolgatanga, Ghana, Managing Director Archie Koimtsidis said; “The ground dipole‐dipole induced polarisation (“DDIP”) and magnetics surveys over the Ndongo Central area delineated prominent high chargeability zones which coincide with anomalous soil values (>100 ppb Au) and comprise the initial drill target areas (Figure 3).

“These high chargeability zones have been interpreted to be caused by graphite, disseminated sulphides or a combination of both. Graphite is commonly associated with major shear structures, and disseminated sulphides are a common accessory to gold mineralization.

“The maiden batch of rock chips that were initially logged and submitted to the laboratory were visually confirmed as mainly graphitic phyllites.

“As a result, the drill plan has been adjusted to also test weaker chargeability zones associated with more resistive rock units.

“This has now produced visual confirmation of rock chips which comprise quartz‐rich rocks containing disseminated sulphides (pyrite).

“Having the flexibility of a company owned drill rig provides us the ability to make adaptive decisions based on the immediate information provided by the logging which means we can further refine the drill targets as we progress this maiden program.

“Bill Peters from geophysical consultants, SGC in Perth and our Exploration Manager, Paul Abbott have been instrumental in this process.

“We expect to be in a position to report these combined drill assay results within 14‐21 days.”

Method No. Holes Total m Samples Duplicates Blanks Standards Samples

RC Drilling 38 1,886 1,886 94 47 48 2,075

Table 1: Second Batch of Samples to SGS Laboratories, Ouagadougou, Burkina Faso for Fire Assay


Figure 2: Ndongo Central DDIP chargeability over geology


Figure 3: Ndongo Central Area DDIP chargeability image and anomalous gold in soil values

with proposed drill lines and RC holes drilled to date.


Figure 4: Drilling underway at Ndongo Prospect, Bolgatanga Project, Ghana

For further information contact:

Archie Koimtsidis Managing Director Cardinal Resources Limited P: +233 (0)26 190 52 20 Skype: cardinal.archie


Competent Person’s Statement The information in this report that relates to geophysical results and Interpretation is based on information

compiled by Mr William Peters, a Consulting Geophysicist (Crosmin Pty Ltd) at Southern Geoscience

Consultants. Mr Peters is a Fellow of the Australasian Institute of Mining and Metallurgy and Chartered

Professional (Geology), and has sufficient experience which is relevant to the type of activity being

undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Peters consents to the inclusion

in this report of the matters reviewed by him in the form and context in which they appear.

Information in this report that relates to the Bolgatanga Project is based on information compiled by Mr Paul

Abbott, a full time employee of Cardinal Resources Limited, who is a Fellow of the Australasian Institute of

Mining and Metallurgy and a Member of the Geological Society of South Africa. Mr Abbott has sufficient

experience which is relevant to the style of mineralisation and type of deposit under consideration and to the

activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the

‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Abbott

consents to the inclusion in this report of the statements based on his information in the form and context in

which it appears.

DISCLAIMER Certain statements contained in this announcement, including information as to the future financial or operating performance of Cardinal and its projects, are forward‐looking statements that:

may include, among other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions;

are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Cardinal, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and,

involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.

Cardinal disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward‐looking statements. All forward looking statements made in this announcement are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.

Cardinal Resources Limited ABN 56 147 325 620 www.cardinalresources.com.au Ghana: Durugu Residential Area, Kumbosco, Bolgatanga, Ghana P: +233 (0) 261905220 SKYPE: cardinal.archie Australia: Level 1, 115 Cambridge Street, West Leederville, Perth, 6007 P: +61 (8) 9322 6600 F: +61 (8) 9322 6610

5

JORC Code, 2012 Edition – Table 1

DRILL SAMPLES SUBMITTED FOR MAIDEN DRILLING PROGRAM ON THE NDONGO PROSPECT, BOLGATANGA PROJECT, GHANA

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, orspecific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Nature and quality of sampling is carried out under QAQC procedures as per industry standards, with duplicates taken every 20th sample, while standards and blanks are inserted in the ratio of 1:30

Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systems used.

Sample representivity is ensured through a 3 tier riffle splitter, as it provides an unbiased sample.

Aspects of the determination of mineralisation that areMaterial to thePublic Report.

The determination of mineralisation is not yet known

In cases where ‘industry standard’ work has been done this would berelatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Industry standard reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 50 g charge for fire assay.


6


Drilling techniques

Drill type (eg core, reverse circulation, open‐hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).

Reverse Circulation drilling with a standard tube, Remet 5 ½ inch Hard Face (face‐sampling) button drilling bit

Drill samplerecovery

Method of recording and assessing core and chip sample recoveries andresults assessed.

Method of recording and assessing chip samples was on a hand held Motion F5te Tablet PC using a set of standard templates supplied by Maxwell Geoservices, Perth (Maxwell).

Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.

The measures taken to maximize sample recovery are through a cyclone and a 3 tier riffle splitter. This method ensures maximum sample recovery and an unbiased representative sample to be assayed

Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

No relationship is known to exist between sample recovery and grade, and no sample bias may have occurred due to preferent ia l loss/gain of any f ine/coarse material

Logging Whether core and chip samples have been geologically and geotechnicallylogged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Chip samples have been geologically logged to a level of detail to support appropriate future Mineral Resource estimations.

Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc) photography.

Logging is quantitative. Chip samples are photographed in dry form

The total length and percentage of the relevant intersections logged. All holes are logged in full


7


Sub‐sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken. No core has been drilled

If non‐core, whether riffled, tube sampled, rotary split, etc andwhether sampled wet or dry.

The sub‐sampling technique is with a 3 tier riffle splitter, and sampled dry

For all sample types, the nature, quality and appropriateness of thesample preparation technique.

Sample preparation is completed at SGS Laboratories, Ouagadougou, Burkina Faso. All preparation equipment is flushed with barren material prior to the commencement of sample preparation. The entire sample is dried, crushed to a nominal 2mm using a Jaw Crusher, and pulverised (85‐ 90% passing 75 micron size fraction) using LM5 grinding mills. A 250 gram split is retained for fire assay with AAS finish to 1ppb detection limit. The remainder is returned and stored at Cardinal’s Bolgatanga premises

Quality control procedures adopted for all sub‐sampling stages tomaximise representivity of samples.

Quality control procedures adopted for all sub‐sampling stages to maximize representivilty of samples uses commercial certified reference material (CRM) for standards

Measures taken to ensure that the sampling is representative of the in situmaterial collected, including for instance results for field duplicate/second‐half sampling.

The measures taken to ensure that the sampling is representative of the in situ material collected is to insert duplicates a t every 20th sample. App r o x ima t e l y 3 kg s amp l e s f r om t h e s p l i t t e r are retained from each sample and stored on the company’s premises for possible re‐assay

Whether sample sizes are appropriate to the grain size of the material beingsampled.

The sample sizes are considered appropriate to give an accurate indication of gold mineralisation


8


Quality ofassay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial or total.

The pulverized rock sample is weighed and mixed with flux and fused using leadoxide at 1100°C, followed by cupellation of the resulting lead button (Dore bead).The bead is digested using 1:1 HNO3 and HCl and the resulting solution is submitted for analysis.

The digested sample solution is aspirated into the Flame Atomic AbsorptionSpectrometer (AAS), aerosolised, and mixed with the combustible gas, acetylene andair. The mixture is ignited in a flame whose temperature ranges from 2,100 to 2,800oC. During combustion, atoms of the gold in the sample is reduced to free,unexcited ground state atoms, which absorb light. Light of the appropriate wavelength is supplied and the amount of light absorbed can be measured against a standard curve. Results have a lower gold detection limit of 1ppb. The AAS equipment is calibrated with each job. The analytical technique is industry standard fire assay which is considered to be a total digest of gold.

For geophysical tools, spectrometers, handheld XRF instruments, etc, theparameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

No hand held geophysical tools are used


9


Nature of quality control procedures adopted (eg standards, blanks,duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Sample preparation checks for fineness are carried out by the laboratory as part of their internal procedures to ensure the grind size of 85‐90% passing 75 micron is being attained. Each batch of 100 samples has 5 checks (20%), with the grind size varying between 87‐99% passing 75 micron, which is acceptable. Laboratory QAQC involves the use of internal lab standards using certified reference material and blanks Certified reference materials, having a range of values, are inserted in the ratio of 1:30 External laboratory checks are done on a three monthly basis through Laboratories Quality Services International (LQSI). Recent LQSI checks of Fire Assay analyses on Low Grade Oxide Material produced acceptable levels of accuracy and precision

Verification of sampling and assaying

The verification of significant intersections by either independent oralternative company personnel.

The verification of significant intersections by either independent or alternative company personnel has not occurred

The use of twinned holes. There has been no use of twinned holes

Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.

Primary data was collected on a hand held Motion F5te Tablet PC using a set of standard templates supplied by Maxwell Geoservices, Perth (Maxwell). Daily data was synchronised and digitally captured by Maxwell for validation and compilation into Excel and Access spreadsheets and stored on the Cardinal servers located in Bolgatanga, Ghana, West Africa

Discuss any adjustment to assay data. No assay data has yet been received


10


Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down‐hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Accuracy of drill hole collar surveys is +/‐ 3m using a hand held Garmin GPSmap 62s GPS No down hole surveys were performed

Specification of the grid system used. WGS84 Sector 30N, with local grid baseline at 302⁰ True North and lines at 200m intervals and stations at 25m along lines.

Quality and adequacy of topographic control. Quality and adequacy of topographic control was supplied by Southern Geoscience Consultants (Perth)

Data spacing and distribution

Data spacing for reporting of Exploration Results. Dipole‐Dipole Induced Polarization data spacing is 400m (northing) and 50m (easting)

Whether the data spacing and distribution is sufficient to establish the degreeof geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

At this stage, the data spacing and distribution is not considered to be sufficient to establish a degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied. No sample compositing has been applied


11


Orientation of data inrelation to geological structure

Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, considering the deposit type.

The orientation of sampling achieves unbiased sampling of possible structures as drilling is orientated normal to the foliation of the deposit

If the relationship between the drilling orientation and the orientation of keymineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

No orientation based sampling bias has been identified in the data to date

Sample security The measures taken to ensure sample security. The measures taken to ensure sample security are through an independent Ghanaian security contractor. Samples are stored at Cardinal’s base camp located at Bolgatanga, Ghana, West Africa under security until collected by SGS Laboratories and transported to their Ouagadougou laboratory in Burkina Faso

Audits orreviews

The results of any audits or reviews of sampling techniques and data. Sampling techniques are of industry standards. Data is audited by Maxwell Geoservices (Perth), who have not made any other recommendations

Section 2 Reporting of Exploration Results (Criteria listed in section 1 will also apply to this section where relevant)

Criteria JORC Code explanation Commentary Mineral Tenement and Land Status

Type, name/reference number, location and ownership includingagreements or material issues with third parties including joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The Ndongo Prospect, within the Bolgatanga Project, is located in NE Ghana. The granted Prospecting Licence is held by Cardinal Resources Ghana Limited (Cardinal Ghana), a wholly owned subsidiary of Cardinal Resources Limited (Cardinal) (ASX: CDV):


Criteria JORC Code explanation Commentary The security of the tenure held at the time of reporting along with any known

impediments to obtaining a licence to operate in the area. There are no known impediments to operate within the Ndongo Prospect granted licence area

Exploration Done by Other Parties

Acknowledgment and appraisal of exploration by other parties. No previous systematic exploration has been undertaken.

Geology Deposit type, geological setting and style of mineralisation The geological setting is a Paleoproterozoic Greenstone Belt comprising Birimian metavolcanics & metasediments, with felsic to intermediate intrusives. The target deposit type is structurally controlled gold deposits, ranging from small‐scale, high‐grade shear‐hosted quartz veins occurring along lithological contacts and within shear zones, to larger tonnage disseminated deposits associated with stock works along, or within, contacts of felsic to intermediate intrusives

Drill holeinformation

A summary of all information material to the understanding of theexploration results including tabulation of the following information for all Material drill holes: • Easting and northing of the drill hole collar • Elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception depth • Hole length

A summary of all information will be provided upon receipt and analysis of assay results

If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

The exclusion of information cannot yet be determined

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximumand/or minimum grade truncations (e.g. cutting of high grades) and cut‐off grades are usually Material and should be stated.

No weighting averaging techniques nor cutting of high grades have yet been determined


Criteria JORC Code explanation Commentary Where aggregated intercepts incorporate short lengths of high grade

results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

No aggregated intercepts were undertaken

The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.

No metal equivalent values are used for any reports

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting ofexploration results.

The relationship between mineralisation widths and intercept lengths is not yet known

If the geometry of the mineralisation with respect to the drill hole angleis known, its nature should be reported.

The geometry of the mineralisation with respect to the dril l hole angle is not yet known

If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (e.g. ‘down hole length, true width not known’).

Only down hole lengths are reported and true widths of mineralisation are not yet known

Diagrams Appropriate maps and sections (with scales) and tabulations of interceptsshould be included for any significant discovery being reported. These should include, but not be limited to a plane view of drill hole collar locations and appropriate sectional views.

Appropriate maps are included in this announcement

Balanced Reporting

Where comprehensive reporting of all Exploration Results is not practical,representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Assay results pending



Other substantive exploration data

Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observation; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Geophysical results are included as images. The interpretation shown is subject to possible change as new information is gathered. Interpretation of geophysical data is by its nature, subject to ambiguity. No bulk sampling, metallurgical, mineralogical or geotechnical assessments have been completed

Further Work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large – scale step – out drilling).

A combination of reverse circulation and diamond drilling is planned, followed by possible additional ground geophysical surveys depending on the results of the drilling.

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The plan included shows the extent of anomalous zones and planned drilling at the Ndongo Central Zone. Additional targets at Ndongo will be assessed with a combination of geochemistry, ground geophysics and drilling.

22 Apr 2014 Further Drill Samples Submitted for Maiden ... · Cardinal Resources Limited ABN 56 147...

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